Classifier Instance:

Anchor text: labour
Target Entity: Labour_economics
Preceding Context: The labour theories of value (LTV) are heterodox economic theories of value which argue that the value of a commodity is related to the
Succeeding Context: needed to produce or obtain that commodity. The concept is most often associated with Marxian economics. Marginal utility modified labour theories of value in mainstream economics by adding the concepts of marginality (the tendency of the consumer to substitute one product for another in the marketplace and for producers to substitute one commodity for another in the production of goods and services) and diminishing utility to the original labour theory. Thus, under marginal utility, the first unit of production of a good or service yields more than the second or subsequent units but still costs an amount of socially necessary labour determined by marginal productivity of labour. This may cause a reduction of the price of the subsequent units, but the units continue to reflect the total value ( i.e. the socially necessary labour applied at the prevailing level of labour productivity) that was used to produce the subsequent units.
Paragraph Title: null
Source Page: Labor theory of value

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